DALLAS, March 12 /PRNewswire-FirstCall/ -- Kimberly-Clark Corporation
(NYSE: KMB) today announced it has reached an agreement to purchase the
remaining stake in its South African subsidiary, Kimberly-Clark of South
Africa (K-CSA), from The Lion Match Company (Proprietary) Limited, a
wholly-owned subsidiary of FASIC Investment Corporation Limited.
Kimberly-Clark currently owns slightly more than 50 percent of K-CSA.
The transaction, which is subject to approval by the Competition
Commission, is expected to close in the second quarter of 2008. K-CSA has
operated as a joint venture between Kimberly-Clark and Lion Match, or
predecessor companies, since 1955. Terms of the purchase were not
disclosed.
"Our increased ownership in this successful affiliate bolsters
Kimberly-Clark's presence in the country and enhances our growth potential
in sub-equatorial Africa," said Tom Davis, president of Kimberly-Clark
Middle East, Eastern Europe and Africa. "We have an excellent leadership
team in place and this transaction gives us greater flexibility in how we
execute our strategies for this region."
K-CSA is a leading manufacturer and marketer of tissue, personal care
and business-to-business products and also markets K-C's line of health
care products. The company holds strong market share positions in premium
bath and facial tissues and in diapers and feminine care products. The
company markets these products under the brand names Babysoft, Kleenex,
Huggies and Kotex respectively.
The company has delivered, in local currency, high single-digit annual
sales growth on average since 2000. Headquartered in Bedfordview, K-CSA
operates two manufacturing facilities and includes nearly 800 employees.
About Kimberly-Clark
Kimberly-Clark and its well-known global brands are an indispensable
part of life for people in more than 150 countries. Every day, 1.3 billion
people -- nearly a quarter of the world's population -- trust K-C brands
and the solutions they provide to enhance their health, hygiene and
well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex
and Depend, Kimberly-Clark holds the No. 1 or No. 2 share position in more
than 80 countries. To keep up with the latest K-C news and to learn more
about the company's 136-year history of innovation, visit
http://www.kimberly-clark.com.
SOURCE Kimberly-Clark Corporation
 back to top
Related links:
http://www.kimberly-clark.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19991117/KMBLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
media, Dave Dickson, +1-972-281-1481,
ddickson@kcc.com, or investors, Mike Masseth, +1-972-271-1478,
mmasseth@kcc.com, both of Kimberly-Clark Corporation
|
